Monday, 28 May, 2018

Kellogg pulls out of crisis-hit Venezuela

Meanwhile after jokingly declaring last week's episode to be his last Oliver revealed why he was back on Sunday night Screengrab YouTube
Kenny Thornton | 17 May, 2018, 17:46

Venezuelan authorities said they were handing a Kellogg Co plant to workers and reactivating production at the factory on Wednesday, a day after the U.S. cereal producer pulled out of the crisis-hit country.

"The current economic and social deterioration in the country has now prompted the company to discontinue operations", the company said.

"In December of 2016, Kellogg deconsolidated its Venezuela business from the company's results", Kellogg noted in an emailed statement.

Evrofinance and its executives didn't return repeated email requests for comment.

Stunned workers were barred from entering Kellogg's plant in the central city of Maracay and massed outside, seeking information, local business sources said. Kellogg's breakfast products are the most popular and widely available in the country.

The move by the multinational was a typical one in Venezuela after years of economic crisis.

Kellogg joins a string of other multinationals that have ceased or curtailed operations in the oil-rich country amid hyperinflation, shortages and state-imposed price controls.

Ocado Shares Soar After Deal With Kroger to Enter the US
Kroger , which is second only to Walmart in terms of USA market share, with revenues past year of $122bn (£90bn), will also take a 5pc stake in the FTSE 250 firm at a value of £183m.

He is expected to win Sunday's presidential election, described by the opposition as a sham - who also put the blame for the economic crisis squarely at Mr Maduro's door, citing corruption and mismanagement.

Maduro is blaming everyone for his mess, mostly the USA, but "accusing America of creating Venezuela's crisis is about as fair as accusing O.J. Simpson of murdering Princess Diana - I'm not saying it would be completely out of character, it just happens to not be true in this particular instance", Oliver said.

Kellogg's is the most recent company to pull out of Venezuela, following the likes of Colgate-Palmolive, General Mills and Kimberly-Clark.

In the past, his government has taken over the factories of some companies that have left the country.

In 2014, the government took over two plants belonging to cleaning products producer Clorox.

Kellogg said product distribution in Venezuela has been suspended and the license agreement for the use and commercialization of its brands and characters in Venezuela has been terminated.

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